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US stocks close higher amid upbeat consumer prices data

IANS  |  New York 

US stocks ended higher as the market was buoyed by upbeat level shown by US consumer prices in January, and better-than-expected earnings by a batch of US companies for the fourth quarter of 2018.

The Dow Jones Industrial Average on Wednesday rose 117.51 points, or 0.46 per cent, to 25,543.27. The S&P 500 was up 8.30 points, or 0.30 per cent, to 2,753.03, reported.

The rose 5.76 points, or 0.08 per cent, to 7,420.38.

Shares of surged more than 39 per cent around market close, after the US ATM manufacturer reported quarterly revenue that topped analysts' expectations. Its guidance for 2019 also appeared to be strong.

Shares of also sharply rallied nearly 6.8 per cent around the closing bell, as the US reported quarterly profit that beat Wall Street forecasts.

Nine of the 11 primary S&P 500 sectors extended gains on Wednesday, with the up nearly 1.3 per cent, leading the gainers.

More than two thirds, or 71.5 per cent, of the S&P 500 companies have posted stronger-than-expected quarterly earnings as the fourth-quarter earnings season is approaching to an end.

The market was also encouraged by continued optimism about the prospect of trade progress to be made between and the US, as investors kept a close eye on the latest updates regarding their trade talks.

On the economic front, US (CPI) remained unchanged last month, as falling gasoline prices eroded increases in the cost of and rents, the reported on Wednesday.

The CPI increased 1.6 per cent for the 12 months ending January, the smallest increase since the period ending June 2017.

Investors widely believed that the data, indicating upbeat level, would help the keep its interest rates steady for some time, as the Fed not rising rates is normally favourable to the stock market.

--IANS

pgh/

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, February 14 2019. 07:30 IST
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